Document Capture Software Market 2021-2025: ABBYY Solutions Ltd., Adobe Inc., and Canon Inc. Emerge as the Dominant Market Participants | Technavio
The growing use of big data analytics, surging reduction of document management costs, and risingcompliance with regulatory requirements and industry protocolsare some ofthemajor factors propelling the market growth.
NEW YORK, Aug. 16, 2021 /PRNewswire/ -- The global document capture software market size is expected to grow by USD 3.16 billion during 2021-2025, progressing at a CAGR of almost 11.07% during the forecast period. This research report entails comprehensive details on dominant market players including ABBYY Solutions Ltd. (US), Adobe Inc. (US), Canon Inc. (Japan), Dell Technologies Inc. (US), Kofax Inc. (US), Oracle Corp. (US), Parashift AG (Switzerland), Rossum Ltd. (UK), Seiko Epson Corp. (Japan), and Xerox Corp. (US).
The growing use of big data analytics, surging reduction of document management costs, and rising compliance with regulatory requirements and industry protocols are some of the major factors propelling the market growth. However, factors such as risks of data theft and cyber attacks, high possibilities of data loss, and implementation of data encryption are some factors anticipated to hinder the market growth during the forecast period.
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Document Capture Software Market: End-user
The report segments the market by end-user into segments including BFSI, healthcare, government, legal, and others. The document capture software market share growth by the BFSI segment will be significant during the forecast period. This software help companies in the BFSI sector to improve their operational efficiency and increase the satisfaction of clients by implementing accurate processing of financial documents.
Mortgage applications, loan and lease applications, check capture (counter and mobile), wholesale and retail remittance, and new account opening and claim processing are some of the prominent areas of applications in BFSI sector that deploy the document capture software, in turn, driving the market growth.
Document Capture Software Market: Geographic Landscape
In terms of Geography, the market is segmented by North America, Europe, APAC, South America, and MEA. North America is anticipated to hold the largest document capture software market share during the forecast period due to the integration with analytics and the introduction of machine learning. The region is also likely to contribute the highest incremental growth of 29% in the forthcoming years with the US and Canada emerging as the key revenue contributing economies. The presence of a majority of document capture software vendors in the US and the rising deployment of this software by organizations due to its quick ROI are few factors responsible for this regional growth.
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Companies Covered
- ABBYY Solutions Ltd.
- Adobe Inc.
- Canon Inc.
- Dell Technologies Inc.
- Kofax Inc.
- Oracle Corp.
- Parashift AG
- Rossum Ltd.
- Seiko Epson Corp.
- Xerox Corp.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
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Document Capture Software Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist in document capture software market growth during the next five years
- Estimation of the document capture software market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the document capture software market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of the document capture software market
Table of Contents:
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2020
- Market outlook: Forecast for 2020 - 2025
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- BFSI - Market size and forecast 2020-2025
- Healthcare - Market size and forecast 2020-2025
- Government - Market size and forecast 2020-2025
- Legal - Market size and forecast 2020-2025
- Others - Market size and forecast 2020-2025
- Market opportunity by End-user
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2020-2025
- Europe - Market size and forecast 2020-2025
- APAC - Market size and forecast 2020-2025
- South America - Market size and forecast 2020-2025
- MEA - Market size and forecast 2020-2025
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- ABBYY Solutions Ltd.
- Adobe Inc.
- Canon Inc.
- Dell Technologies Inc.
- Kofax Inc.
- Oracle Corp.
- Parashift AG
- Rossum Ltd.
- Seiko Epson Corp.
- Xerox Corp.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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